Extraordinary management teams achieving long term average profit growth
between 15-20% and annual leveraged returns of 25-30%

Our
Investments

Current Portfolio

Spotless

Outsourced facilities management and services

www.spotless.com/au

Type of transaction: Public to Private
Acquisition date: August 2012
Enterprise value at acquisition: A$1.1B

With revenue of A$2.7B, the company has a significant presence in Australia and New Zealand.

Spotless employs ~30,000 staff delivering 30 million hours of outsourced services per year. The diverse, integrated services offering includes facilities maintenance, catering, linen and garment laundry and cleaning.

Spotless' broad client base spans both public and private organisations, with leading market shares in many sectors of the economy:

Healthcare: delivers more than 3.5 million hours of non-clinical support services to over 200 healthcare facilities

Resources: offers holistic outsourced camp services to remote mine sites

Sports, Leisure and Entertainment: caters for major sporting events at stadia throughout Australia and New Zealand, including the MCG

Defence: with over 30 years of experience supports more than 30 defence bases with comprehensive barracks services from maintenance to fire fighting

Other government: provides catering, cleaning and maintenance to schools, universities and public housing

Commercial: works with a wide range of commercial customers to supply services from airport restaurant management to uniform laundering

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Energy Developments

Renewable energy

www.energydevelopments.com.au

Type of transaction: Public/Control
Date of acquisition: January 2010
Enterprise value at acquisition: A$844M

An international provider and world leader in low cost renewable and low carbon emissions electricity with operations in Europe and the US as well as Australia. The company generates electricity, carbon abatement certificates and green credits, and provides related services at almost 80 projects globally, with a total generation capacity of over 600 MW.

Landfill gas: EDL operates over 60 landfill sites in 5 countries, collecting landfill methane gas ("LFG") for power generation.

Waste Coal Mine Gas ("WCMG") Abatement: In Australia the company operates sites with 174 MW of generation capacity including the Tower Appin facility which is one of the largest WCWG abatement projects in the world.

Remote Area Energy: EDL is the market leader in the provision of energy to remote locations in Australia. The current portfolio comprises 107 MW of power generation capacity at 5 sites and 200 tonnes per day of natural gas liquefaction ("LNG") capacity.

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American Stock Transfer and Trust Company

Stock transfer agent and related services

www.amstock.com

Type of transaction: Private Vendor
Date of acquisition: May 2008
Enterprise value at acquisition: US$910M

American Stock Transfer and Trust Company (AST) is a US stock transfer agent. Founded in 1971, AST has grown to be the largest stock transfer agent in the United States by number of corporate issuers.

AST's unique, customer-driven approach to the provision of comprehensive transfer agency services has seen it consistently achieve the highest customer satisfaction rating in the industry. Its operations, located predominantly in Brooklyn, are world-class in terms of flexibility and efficiency.

AST's corporate services include:

  • Stock transfer agency services;
  • Trustee services for debentures, tender agent, exchange agent and escheatment;
  • Equity compensation plan administration;
  • Dividend reinvestment plan administration; and
  • Proxy services. 
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Hoyts Group

Cinema exhibition and advertising

www.hoyts.com.au
www.hoytskiosk.com.au
www.valmorgan.com.au

Type of transaction: Corporate Carve-Out
Date of acquisition: December 2007
Enterprise value at acquisition: A$440M

Hoyts Exhibition:  Hoyts is the region's second-largest cinema operator, managing approximately 450 screens across 44 cinema complexes in Australia and a further 11 complexes in New Zealand. Most of these are multiplex cinema complexes located within large shopping centres in urban locations. Revenue is generated from cinema ticket sales, confectionery and related products, and merchandise.

Hoyts Kiosk: Hoyts offers home movies via Hoyts Kiosk, Australia's largest network of movie rental machines. Customers may rent the latest movies at supermarkets and other convenient locations. Hoyts Kiosk currently has more than 390 machines located in a number of states and is expanding to secure a national footprint.

Val Morgan: Hoyts also operates Val Morgan, the largest provider of cinema advertising in Australia and New Zealand, with over 95% market share. Val Morgan owns the exclusive rights to sell pre-feature film cinema advertising on the screens of all major Australian and New Zealand exhibitors. A series of other advertising media products including in-foyer advertising and Val Morgan Retail, a digital signage business with ~1,000 locations in high traffic malls.

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Veda

Commercial and credit checking

www.veda.com.au
www.veda.co.nz

Type of transaction: Public to Private
Date of acquisition: July 2007
Enterprise value at acquisition: A$974M

Veda is the leading provider of business intelligence services and solutions in Australia and New Zealand. Major activities include data-driven services and solutions in relation to credit risk, marketing, decisioning, fraud protection and identity verification.

The company operates primary credit bureaux in Australia and New Zealand. These facilities have evolved over many years to become the principal sources of consumer credit information and key elements of the efficient operation of the banking credit infrastructure of the Australasian economies.

The company is also a leading provider of commercial credit information services and of data-driven marketing and customer acquisition solutions, particularly in the financial services and energy sectors.

Veda also has operations in SE Asia. 

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Griffin's Foods

Biscuits and snack foods

www.griffins.co.nz

Type of transaction: Multinational Carve-Out
Date of acquisition: June 2006
Enterprise value at acquisition: NZ$385M

Griffin's is New Zealand's leading biscuit and snack food company. The company manufactures and markets an outstanding portfolio of high-quality branded products, including biscuits, crackers and savoury snacks; it is the market leader in the biscuit category in New Zealand and one of the most recognised brands in that country.

Griffin's operates two biscuit manufacturing 'supercentres' in New Zealand, one for biscuits and one for savoury snacks and bars, both comprising leading manufacturing and packaging equipment and delivering a world class cost base.

Griffin's also operates two distribution centres - located in Auckland and Christchurch.

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Xtralis

Smoke detection and video security

www.xtralis.com

Type of transaction: Corporate Carve-Out
Date of acquisition: February 2006
Enterprise value at acquisition: A$253M

Xtralis is a leader in very early warning smoke detection and alarm systems, voice alarm and interactive video security solutions, which protect business critical assets across the world. The company operates a global network of companies. Brands include:

VESDA: Air Sampling Smoke Detection Systems. The market leader in early warning smoke detection, VESDA products - such as its renowned air sampling smoke detectors - are used in industries such as transportation, manufacturing, IT&T, utilities and storage services.

ADPRO: Video Security Systems and Solutions. Sophisticated digital video security systems and solutions based on the highest quality standards and latest technology. With advanced integration capabilities and an acute understanding of operational efficiencies, ADPRO offers seamless security solutions.

Xtralis products are sold in over 100 countries worldwide and has an operation in China which it acquired in 2012.

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